Money is tighter, customers are being chooser as to what products or services they will buy and competition amongst business for customers will increase this year.
Dawn Rivers Baker pointed out in a recent post on Small Business Trends there will be more micro businesses launching this year. This means that more competitors will likely enter your market and try and win your customers from you and compete for new customers.
Although businesses this year will be looking at cutting costs, the only way to have a viable business is to increase sales and this does not mean cutting prices as this will reduce your margin and profit. As marketing touches everything we do in business, smarter marketing can lead to increased sales.
Ways to be smarter with your marketing includes:
Know Where your Sales Come From
It could be a good time to quickly see if there is a pattern to your past sales, such as the type of business if you sell to other businesses, or a particular city or state that generates more sales. If you sell online then it is well worth reading Mack Collier’s post on The Viral Garden as the lessons can be applied to online product and service traffic and sales. Knowing this information makes it a lot easier to focus your marketing efforts and maximise your return.
Focus on your Key Customers
This is stating the obvious and it should always be done but that is not always the case with small business marketing. Ensure that you deliver on all promises, even the simple ones like returning a phone call, replying to an email or question. It is also a good idea to see if their problems or need have changed or are changing so that you can be sure to continue to meet their needs better than your competitors.
Keep your Eyes and Ears Open
Keep in touch with business partners, suppliers, friends, business acquaintances etc as marketing opportunities can sneak up on you. Don’t forget to include them if it is appropriate with your marketing activities.
Learn from Others
With all the information out on the web it is very easy to learn what others doing to increase sales and being smarter with their marketing. Just one point to note is do not just copy or implement what someone else is doing without asking yourself whether it is right for your business and your current and potential customers.
Track, Test, Track
Smarter marketing involves tracking and testing all marketing tactics so that you can improve the results including sales the next time you implement the tactic. One thing to note here is that if you really know your customers and what will motivate them to buy and buy again from you then the testing part is usually easier and can be just a case of finetuning.
Do you have any smarter marketing tips to share?
Focusing on your current clients and customers is great advice. So is the often-forgotten need for good tracking and testing.
Some people are going to find themselves struggling with a smaller pie for awhile, but the ones who stay focused on what works certainly won’t starve.
I think you are right about staying focused and not being side tracked by the lastest new marketing tactic that may or may not be appropriate for the key customers.